Found Under Change
The Consequences for Refusing to Change
From 1900 to 1967, the Swiss were the leading watchmakers in the world. In 1967, when digital technology was patented, the Swiss rejected it in favor of the traditional ball bearings, gears, and mainsprings they had been using to make watches for decades. Unfortunately, however, the world was ready for this advance, and Seiko, a Japanese company, picked up the digital patent and became the leading watch manufacturer in the world almost overnight.
Fifty thousand of the 67,000 Swiss watchmakers went out of business because they refused to embrace this new technology. It was not until years later that the Swiss caught up and regained their position in the marketplace with the creation of Swatch watches. --from ACTS Daily Encounter